The main reason that the 1975, 2008, and 2009 tax cuts did not have a large effect on GDP is that they were
a. temporary surcharges rather than permanent surcharges.
b. permanent surcharges rather than temporary surcharges.
c. temporary tax cuts rather than a permanent tax cuts.
d. permanent tax cuts rather than a temporary tax cuts.
c
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A modified version of utilitarianism proposed by John Rawls states that
A) the distribution of the economic pie is fair if the rules are fair. B) the distribution of the economic pie is fair if it achieves the greatest happiness for the greatest number of people. C) the fair distribution of the economic pie is the one that makes the poorest person as well off as possible. D) goods may be transferred from one person to another only by voluntary exchange.
An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados
The average product of the six workers will now be A) equal to 120 pounds. B) greater than the marginal product of labor. C) more than 120 pounds. D) less than 120 pounds.
A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the long run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower than average cost d. None of the above
When a curve shifts, this indicates that:
A.) One variable has increased and the other has decreased. B.) A change has occurred in the underlying relationship between the two variables. C.) The slope has changed. D.) The two variables are now unrelated.